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AUD/USD Potential Downward Movement

AUD/USD Long-Term Trend: Bearish

Key Resistance Levels: 0.7341, 0.7275, 0.7240

Key Support Levels: 0.7412, 0.7463, 0.7500

4- Hours Chart:

The price on the higher time frame is posting lower lows and highs which shows that we are in a clear downtrend. The pair left an inside bar which indicates that after this candlestick a continuation of the downward movement will occur.

AUD/USD Medium-Term Trend: Bearish

15-Mins Chart:

On the lower time frame, the pair is traded inside a bearish channel formation. We expect a higher correction toward the higher end of this pattern where the sellers will come back to push the price downward again.

Signal Idea:

Sell Limit Order @ 0.7371

TP 1 @ 0.7342

TP 2 @ 0.7275

Stop Loss @ 0.7386

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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